Bitcoin enters ‘a new era’ as whales scoop up over 47K BTC during price pullback

Avatar

Following the post-halving price dip, Bitcoin whales have started accumulating Bitcoin (BTC) once again. Can whales push Bitcoin’s weekly close above $60,000?

Bitcoin whales buy over 47,000 BTC in 24 hours

Bitcoin whales, which are large wallets holding at least 100 BTC, have accumulated over 47,000 BTC worth over $2.9 billion at current prices, noted Ki Young Ju, the founder and CEO of CryptoQuant, in a May 3 X post:

“Bitcoin whales accumulated 47,000 $BTC in the past 24 hours. We’re entering a new era.”

BTC Balances for whale addresses, last active within 24h. Source: Ki Young Ju

The chart excludes wallets related to centralized exchanges (CEXs) and mining firms. While the metric includes spot Bitcoin exchange-traded funds (ETFs), they are not the reason behind the uptick, according to CryptoQuant’s founder:

“Mostly custodial wallets, including ETFs, but recent spike not ETF-related.”

Spot Bitcoin ETF inflows have indeed turned negative. The 11 U.S. Bitcoin ETFs have recorded over $871 million of negative net outflows this week, making it the largest week of outflows since launch, according to Dune.

Bitcoin ETF Net Flows, Weekly, Source: Dune

Related: ‘Mr. 100’ buys the Bitcoin dip for the first time since halving — Is the BTC bottom in?

Can BTC price close week above $60k?

Bitcoin’s recent drawdown was just a “downside wick” and a weekly close above the $60,000 mark could confirm the psychological mark as new support, according to popular Bitcoin analyst Rekt Capital. The analyst wrote in a May 3 X post:

“Looks like it was just a downside wick. Weekly Close just like this would confirm this pool of liquidity as secured support.”

BTC/USD, 1-week chart. Source: Rekt Capital

Based on historical chart patterns, Bitcoin could remain in the post-halving “danger zone” for another week, according to Rekt Capital:

Source: Rekt Capital

“Bitcoin still has one week left in the Post-Halving “Danger Zone” (purple). Therefore continued downside below the Re-Accumulation Range Low would not be out of the ordinary by standards of 2016 history.”

The dovish Federal Reserve could also help Bitcoin gain more upside momentum, according to İsa Sertkaya, the CTO of Silent Protocol, who told Cointelegraph:

“The overall market sentiment improved due to the Fed showing signs of injecting liquidity into the economy. The U.S. announced that the seasonally adjusted nonfarm employment increased by 175,000 in April, and the unemployment rate rose to 3.9%, lower than the expected increase of 243,000 nonfarm jobs and an unemployment rate of 3.8%.”

Bitcoin traders should keep a close eye on the $60,000 mark. A move below that level would liquidate over $700 million worth of leveraged long positions across all exchanges, according to Coinglass.

Bitcoin Exchange Liquidation Map. Source: Coinglass

Related: Trader loses $68M in address poisoning scam

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.